FinCEN Signals Focus On Virtual Currencies

Law360, New York (January 24, 2014, 7:00 PM EST) -- In a series of public statements, the Financial Crimes Enforcement Network’s director, Jennifer Shasky Calvery, has made clear that FinCEN is focused on fighting money laundering in the virtual currency arena.[1]

Virtual currency is a medium of exchange that operates like currency in some respects but does not have legal tender status in any jurisdiction.[2] Law-abiding enthusiasts laud the lower costs it can provide to traditional banking services, with those of a libertarian bent favoring the medium since it isn’t government-issued.[3]